Economic Trends and Issues in Veterinary Medicine
[Pages:23]Economic Trends and Issues in Veterinary Medicine
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Dr. Karen E. Felsted, CPA, MS, DVM, CVPM Felsted Veterinary Consultants, Inc.
1
Data Needs
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Much data available for
Companion animal private practice arena Compensation for all groups
Other data less available AVMA and allied groups must work together
to identify the data needed, how to get it and how to make it accessible
Before the Recession
?
Veterinary care usage metrics declining in spite of increased pet numbers
Transactions per FTE veterinarian Median new clients per FTE veterinarian Median active clients per FTE veterinarian Total veterinary visits Veterinarian visits per pet % of households with pets who visited the veterinarian
Average practice revenue up 7-13% Veterinarian compensation/take home earnings up
AAHA Financial & Productivity Pulsepoints/JAVMA 8/1/08/AVMA US Pet Ownership &
Demographics Sourcebook/DVM State of Profession Survey 2009/AAHA Compensation &
Benefits/2011 AVMA Report on Veterinary Compensation/Benchmarks-Well Managed
3
Practices
During/Post Recession
?
Continued decline in visits
Decline in revenue growth/absolute revenue Softening in veterinarian compensation/earnings
2011
Estimated 1-3% revenue growth in companion animal practices
Much variability in impact of recession on practices
Visits still declining in practices
Bayer Veterinary Care Usage Study/AAHA Financial & Productivity Pulsepoints/AAHA
Compensation & Benefits/2011 AVMA Report on Veterinary Compensation/Benchmarks-Well
Managed Practices/AAHA State of the Industry 2010 Review/Burzenski & Co/Gatto
4
McFerson CPAs Calif Veterinary Economic Report
Patient Visits in Serious
Decline...
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34% Net Increase
Net 17% report a decline (Net Decrease ? Net Increase)
51% Net Decrease
8%
26%
14%
35%
16%
Increased 10% or more Increased 1-9% Stayed the same Decreased 1-9% Decreased 10% or more Don't know
Bayer Veterinary Care Usage Study
5
?2011 Bayer HealthCare
Veterinarian Supply Growing Faster Than Pet Owner Demand
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Comp. Animal Veterinarians Comp. Animal Practices Dogs Cats
1996/1997 2006/2007 %Change
30,255 44,785
+48
20,170 22,393
+11
52,922 72,114
+36
59,094 81,721
+38
AVMA
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Workforce Issues
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Lots of opinions about this--need serious analysis and data in all arenas
Public health Research Food supply/safety Private practice--FA, Equine, CA
Illegal practice a related issue
Cost of Care Has
Increased
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? Significant fee increases
? More sophisticated care available
? Referral hospitals
? Emergency hospitals
? Pets are living longer
? More routine care
? More likely to develop serious and/or chronic
diseases
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